Flamboyant billionaire Clive Palmer is prepared to underwrite bets the Coolum-based Australian PGA Championship is not going anywhere.

The board of the Australian PGA will decide next week if the 107-year-old tournament is back on the open market.

But Mr Palmer, who named one of his resort's watery graves the John F Kennedy Lake for World Peace on Saturday in the presence of the former US president's nephew, Stephen Smith, was confident the PGA would remain at Coolum.

"I'll take your bets. I will underwrite any of your bets against Brian (PGA of Australia chief executive Brian Thorburn)," he said.

"Bet him 100 bucks and see what type of odds he'll give you."

The PGA's board will decide next week if the tournament remains at Mr Palmer's Sunshine Coast resort after the colourful mining magnate came good with a revamped proposal late on Friday.

Thorburn told the media on Tuesday the tournament's days at the Palmer Coolum resort - formerly known as the Hyatt Regency Resort - were over with several Gold Coast clubs lining up to secure one of the country's oldest golf tournaments.

Asked on Saturday, after unveiling a plaque in memory of John F Kennedy on the ninth tee, if the PGA Championship would stay, the outspoken entrepreneur said: "absolutely".

"I'm very confident the PGA will be here for the next five years ... I'm sure that will be the case.

"I'm sure the PGA board knows this is a great place for the players and it's a great place for the tournament."

Thorburn, who has been careful not to tangle with Mr Palmer publicly for fear of how he may react after reportedly threatening to dump the tournament last Sunday, maintained his cautious approach.

"I've obviously heard Clive's comments and it's great that he is so passionate about golf and the Australian PGA Championship," said Thorburn after listening to audio of Mr Palmer's impromptu golf course interview.

Thorburn confirmed the PGA of Australia had received a revised offer from the Palmer Coolum Resort late of Friday.

The new deal would be through to 2017.

"It goes without saying that we are committed to achieving the best outcome for the tournament and our players, and the resort's offer will be considered by our board next Wednesday," he said.

Mr Palmer, who has deep enough pockets to stage a rebel tournament with the likes of superstars Tiger Woods or Rory McIlroy if he wanted, is placing a lot of faith in the players who have enjoyed the relaxed atmosphere of coming to Coolum with their families since 2002.

"It's the golfers who will play today, they're make up the PGA, they're more important than the chief executive, more important than the board or anyone," he said.

"They know Coolum is the best course to play on. They know this is the best place to take their families and recharge before they start the difficult tours next year.